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New guideline on boosting trade in services

Updated: Feb 15,2015 3:58 PM

The State Council released a guideline - approved by Premier Li Keqiang - on accelerating the development of China’s trade in services.

The guideline, issued on Feb 14, said boosting trade in services is an important part of the country’s opening up policy - and promotes development.

It will help increase employment, restructure the economy, improve the quality and efficiency of development - and nurture new pioneers of rapid growth.

The guideline said that efforts to promote trade in services should focus on establishing a market environment for fair competition, increasing mutual investment in the sector - and improving policies supporting the sector.

The authorities should also focus on accelerating the liberalization and facilitation of trade in services, expanding the scale of the sector, optimizing the trade structure, fortifying the capacity in servicing the exports, and nurturing the international competitiveness of China’s services.

Additionally, the guideline called for the creation of corporations offering competitive services, and also aims to promote service exports.

The State Council said in the guideline that government planning and guidance will be boosted, and policy support will involve funding, taxation, financial institutions and customs.

Service exports will be exempted from tax, and financial institutions are encouraged to provide innovative financial products and services as long as the risks are controllable.

The authorities will also boost financing support by financial institutions to assist enterprises seeking to enter the international market or to carry out international mergers and acquisitions.

More efforts will be made to research, draft or perfect relevant laws and regulations, and the State Council will establish a coordinating mechanism for the development of trade in services.

Local authorities are also required to prioritize trade in services - and to implement plans and supporting policies according to their local conditions.

Work mechanisms will be established at the local level to nurture the services sector, and relevant governing bodies should cooperate closely - to boost industrial, trade and investment policies, the guideline said.